{ "title": "Crypto exchange fines tracker: major AML penalties since 2022", "description": "Major fines, forfeitures and formal business restrictions imposed on centralized crypto exchanges since 2022, with regulator, amount, what each was for and what changed for customers.", "publisher": "CoinVast Research", "canonicalPage": "https://coinvast.io/articles/crypto-exchange-fines-tracker", "dataUrl": "https://coinvast.io/data/exchange-fines.json", "license": "CC BY 4.0", "licenseUrl": "https://creativecommons.org/licenses/by/4.0/", "attribution": "CoinVast Research, https://coinvast.io/articles/crypto-exchange-fines-tracker", "contact": "info@coinvast.io", "lastFullCheck": "2026-10-23", "updatePolicy": "Updated when a regulator or prosecutor publishes a new penalty or restriction against a centralized crypto exchange, and when an appeal, confirmation or pardon changes an existing record.", "methodologyNote": "amount and currency are as imposed. approxUsd is the conversion reported at the time and is approximate. category is one of: unlicensed_operation, identity_checks, transaction_monitoring, sanctions, safeguarding. A record can carry more than one category. date is the announcement date where known; month precision where only the month is published.", "summary": { "penaltiesLogged": 21, "largest": "Binance, USD 4.3 billion, 2023-11-21", "usCriminalPenalties2025": 3, "marketExitsLinkedToPenalties": 2, "mostRecent": "Coinbase Ireland, EUR 3.25 million, 2026-10-22" }, "penalties": [ { "date": "2026-10-22", "exchange": "Coinbase Ireland", "entity": "Coinbase Ireland Limited", "regulator": "Central Bank of Ireland", "country": "IE", "amount": 3250000, "currency": "EUR", "approxUsd": 3600000, "category": ["safeguarding"], "forWhat": "Customer fund safeguarding and outsourcing oversight failures under e-money rules; reduced from EUR 4.65 million by a 30% settlement discount.", "customerImpact": "Requires High Court confirmation; Coinbase says no customer lost money.", "sources": ["https://www.coindesk.com/policy/2026/10/22/irish-central-bank-fines-coinbase-ireland-usd3-6-million-over-fund-safeguarding-failures"] }, { "date": "2026-04", "exchange": "Coinone", "entity": "Coinone", "regulator": "Financial Intelligence Unit (FIU)", "country": "KR", "amount": 5200000000, "currency": "KRW", "approxUsd": 3500000, "category": ["identity_checks", "transaction_monitoring"], "forWhat": "Anti money laundering failures.", "customerImpact": "Three month partial business suspension.", "sources": ["https://www.amlintelligence.com/2026/04/news-south-korea-fines-crypto-exchange-coinone-3-5m-over-aml-violations/"] }, { "date": "2026-03-16", "exchange": "Bithumb", "entity": "Bithumb Korea", "regulator": "Financial Intelligence Unit (FIU)", "country": "KR", "amount": 36800000000, "currency": "KRW", "approxUsd": 24500000, "category": ["identity_checks", "transaction_monitoring"], "forWhat": "About 6.65 million AML violations: about 3.55 million failures to verify customer identity and 3.04 million transactions that should have been blocked.", "customerImpact": "Six month partial suspension from 2026-03-27 to 2026-09-26 limiting new customers' external virtual asset transfers; CEO reprimanded.", "sources": ["https://cointelegraph.com/news/south-korea-fines-bithumb-24-5m-six-month-partial-suspension-aml"] }, { "date": "2026-02", "exchange": "KuCoin EU", "entity": "KuCoin EU Exchange GmbH", "regulator": "Financial Market Authority (FMA)", "country": "AT", "amount": 0, "currency": "EUR", "approxUsd": 0, "category": ["transaction_monitoring", "sanctions"], "forWhat": "Breaches of organisational requirements for AML, counter terrorist financing and sanctions compliance after compliance staff departed.", "customerImpact": "Ban on new business: no new customers and no new contracts or products until key compliance roles are filled. Restriction, not a fine.", "sources": ["https://cointelegraph.com/news/austria-regulator-slaps-new-business-ban-kucoin-eu"] }, { "date": "2025-11-06", "exchange": "Coinbase Europe", "entity": "Coinbase Europe Limited", "regulator": "Central Bank of Ireland", "country": "IE", "amount": 21464734, "currency": "EUR", "approxUsd": 24800000, "category": ["transaction_monitoring"], "forWhat": "A coding fault left 30,442,437 transactions (about 31% of activity during the fault, over EUR 176 billion) without proper monitoring; 2,708 late suspicious transaction reports.", "customerImpact": "Ireland's first enforcement action against a crypto firm.", "sources": ["https://www.theblock.co/post/377909/central-bank-of-ireland-fines-coinbase-europe"] }, { "date": "2025-11", "exchange": "Upbit", "entity": "Dunamu", "regulator": "Financial Intelligence Unit (FIU)", "country": "KR", "amount": 35200000000, "currency": "KRW", "approxUsd": 24000000, "category": ["identity_checks"], "forWhat": "Millions of customer due diligence failures and related AML breaches.", "customerImpact": "Followed a three month partial suspension ordered on 2025-02-25; Dunamu said it was reviewing the decision.", "sources": ["https://www.coindesk.com/policy/2025/11/25/upbit-considering-appeal-of-usd25m-fine-by-south-korea-regulator"] }, { "date": "2025-10-22", "exchange": "Cryptomus", "entity": "Xeltox Enterprises Ltd.", "regulator": "FINTRAC", "country": "CA", "amount": 176960190, "currency": "CAD", "approxUsd": 126000000, "category": ["transaction_monitoring"], "forWhat": "More than 1,000 missed suspicious transaction reports in July 2024, failure to follow a Ministerial Directive and out of date compliance policies.", "customerImpact": "Largest AML penalty in Canadian history.", "sources": ["https://betakit.com/fintrac-issues-record-setting-177-million-fine-against-crypto-exchange-cryptomus/"] }, { "date": "2025-09-25", "exchange": "KuCoin", "entity": "Peken Global Limited", "regulator": "FINTRAC", "country": "CA", "amount": 19552000, "currency": "CAD", "approxUsd": 14100000, "category": ["unlicensed_operation", "transaction_monitoring"], "forWhat": "Failing to register as a foreign money services business, to report large virtual currency transactions and to file suspicious transaction reports. Penalty imposed 2025-07-28, announced 2025-09-25.", "customerImpact": "Appealed to the Federal Court.", "sources": ["https://fintrac-canafe.canada.ca/new-neuf/nr/2025-09-25-eng"] }, { "date": "2025-02-24", "exchange": "OKX", "entity": "Aux Cayes FinTech Co. Ltd.", "regulator": "US Department of Justice (SDNY)", "country": "US", "amount": 504700000, "currency": "USD", "approxUsd": 504700000, "category": ["unlicensed_operation", "identity_checks"], "forWhat": "Guilty plea to operating an unlicensed money transmitting business; per DOJ, customers could trade without KYC until November 2022.", "customerImpact": "About USD 420.3 million forfeiture plus about USD 84.4 million fine.", "sources": ["https://www.justice.gov/usao-sdny/pr/okx-pleads-guilty-violating-us-anti-money-laundering-laws-and-agrees-pay-penalties"] }, { "date": "2025-01-31", "exchange": "Bybit", "entity": "Bybit", "regulator": "Financial Intelligence Unit (FIU-IND)", "country": "IN", "amount": 92700000, "currency": "INR", "approxUsd": 1060000, "category": ["unlicensed_operation"], "forWhat": "Operating without mandatory registration under the Prevention of Money Laundering Act.", "customerImpact": "Indian services suspended before the fine; websites had been blocked.", "sources": ["https://cointelegraph.com/news/bybit-registers-with-india-s-fiu-settles-for-monetary-fine"] }, { "date": "2025-01-27", "exchange": "KuCoin", "entity": "Peken Global Limited", "regulator": "US Department of Justice (SDNY)", "country": "US", "amount": 297400000, "currency": "USD", "approxUsd": 297400000, "category": ["unlicensed_operation", "identity_checks", "transaction_monitoring"], "forWhat": "Guilty plea to operating an unlicensed money transmitting business; USD 112.9 million fine and USD 184.5 million forfeiture.", "customerImpact": "Agreed to exit the US market for at least two years; founders took deferred prosecution agreements and forfeited USD 2.7 million each.", "sources": ["https://www.justice.gov/usao-sdny/pr/kucoin-pleads-guilty-unlicensed-money-transmission-charge-and-agrees-pay-penalties"] }, { "date": "2025-01-15", "exchange": "BitMEX", "entity": "HDR Global Trading Limited", "regulator": "US District Court (SDNY), after a 2024-07-10 guilty plea", "country": "US", "amount": 100000000, "currency": "USD", "approxUsd": 100000000, "category": ["identity_checks", "transaction_monitoring"], "forWhat": "Willful failure to maintain an adequate AML and KYC program; two years' probation.", "customerImpact": "BitMEX later closed entirely on 2026-09-23.", "sources": ["https://www.justice.gov/usao-sdny/pr/global-cryptocurrency-exchange-bitmex-fined-100-million-violating-bank-secrecy-act"] }, { "date": "2024-10", "exchange": "Bybit", "entity": "Bybit", "regulator": "De Nederlandsche Bank", "country": "NL", "amount": 2250000, "currency": "EUR", "approxUsd": 2400000, "category": ["unlicensed_operation"], "forWhat": "Offering crypto services in the Netherlands without registration.", "customerImpact": "Penalty reduced after Dutch customers were moved to a local partner.", "sources": ["https://coinedition.com/bybit-fined-e2-25m-by-dutch-regulator-for-non-compliance/"] }, { "date": "2024-07", "exchange": "Coinbase", "entity": "CB Payments Ltd", "regulator": "Financial Conduct Authority (FCA)", "country": "GB", "amount": 3503546, "currency": "GBP", "approxUsd": 4500000, "category": ["identity_checks"], "forWhat": "Onboarding or serving 13,416 high risk customers in breach of a voluntary requirement agreed in October 2020.", "customerImpact": "The FCA's first enforcement action against a firm enabling crypto trading.", "sources": ["https://www.fca.org.uk/news/press-releases/fca-first-enforcement-action-against-firm-enabling-cryptoasset-trading"] }, { "date": "2024-06", "exchange": "Binance", "entity": "Binance", "regulator": "Financial Intelligence Unit (FIU-IND)", "country": "IN", "amount": 188200000, "currency": "INR", "approxUsd": 2250000, "category": ["unlicensed_operation"], "forWhat": "Operating in India without registration in violation of anti money laundering rules.", "customerImpact": "Binance had registered with the FIU in May 2024.", "sources": ["https://gulfnews.com/business/markets/india-financial-watchdog-imposes-225-million-penalty-on-crypto-exchange-binance-1.1718881007051"] }, { "date": "2024-05-07", "exchange": "Binance", "entity": "Binance Holdings Limited", "regulator": "FINTRAC", "country": "CA", "amount": 6002000, "currency": "CAD", "approxUsd": 4400000, "category": ["unlicensed_operation", "transaction_monitoring"], "forWhat": "Failing to register as a foreign money services business and to report large virtual currency transactions.", "customerImpact": "Binance had ceased operations in Canada in September 2023.", "sources": ["https://www.theblock.co/post/293575/canadian-financial-regulator-fines-binance-6-million-cad-over-money-laundering-violations"] }, { "date": "2023-11-21", "exchange": "Binance", "entity": "Binance Holdings Limited", "regulator": "US Department of Justice, FinCEN, OFAC, CFTC", "country": "US", "amount": 4300000000, "currency": "USD", "approxUsd": 4300000000, "category": ["identity_checks", "transaction_monitoring", "sanctions"], "forWhat": "AML program failures and about 1.1 million transactions worth about USD 898 million in violation of US sanctions.", "customerImpact": "Founder Changpeng Zhao pleaded guilty, paid USD 50 million, served four months and stepped down; pardoned on 2025-10-23.", "sources": ["https://techcrunch.com/2025/10/23/trump-pardons-binance-founder-changpeng-zhao"] }, { "date": "2023-05-01", "exchange": "Poloniex", "entity": "Poloniex LLC", "regulator": "OFAC, US Treasury", "country": "US", "amount": 7591630, "currency": "USD", "approxUsd": 7591630, "category": ["sanctions"], "forWhat": "Apparent violations involving users in sanctioned jurisdictions.", "customerImpact": "Civil settlement.", "sources": ["https://ofac.treasury.gov/recent-actions/20230501"] }, { "date": "2023-01", "exchange": "Coinbase", "entity": "Coinbase, Inc.", "regulator": "New York Department of Financial Services", "country": "US", "amount": 100000000, "currency": "USD", "approxUsd": 100000000, "category": ["identity_checks", "transaction_monitoring"], "forWhat": "AML compliance program failures; USD 50 million penalty plus USD 50 million to be invested in compliance.", "customerImpact": "Compliance investment required as part of the settlement.", "sources": ["https://www.dfs.ny.gov/reports_and_publications/press_releases"] }, { "date": "2022-11", "exchange": "Kraken", "entity": "Payward, Inc.", "regulator": "OFAC, US Treasury", "country": "US", "amount": 362158.70, "currency": "USD", "approxUsd": 362158.70, "category": ["sanctions"], "forWhat": "Apparent violations by users who appeared to be in Iran.", "customerImpact": "Civil settlement of apparent sanctions violations.", "sources": ["https://www.jdsupra.com/topics/crypto-exchanges/office-of-foreign-assets-control-ofac/economic-sanctions"] }, { "date": "2022-10-11", "exchange": "Bittrex", "entity": "Bittrex, Inc.", "regulator": "OFAC and FinCEN, US Treasury", "country": "US", "amount": 53000000, "currency": "USD", "approxUsd": 53000000, "category": ["sanctions", "transaction_monitoring"], "forWhat": "About 116,000 apparent sanctions violations and AML failures; about USD 24 million with OFAC and the rest with FinCEN.", "customerImpact": "Bittrex US filed for bankruptcy in 2023 and wound down.", "sources": ["https://www.gtlaw.com/en/insights/2022/10/crypto-exchange-bittrex-settles-53-million-in-fines-with-treasury-department"] } ], "categories": { "unlicensed_operation": "Serving customers in a country without the required license or registration.", "identity_checks": "Weak or missing customer identity verification.", "transaction_monitoring": "Failing to monitor transactions or report suspicious ones.", "sanctions": "Transactions with users or parties in sanctioned jurisdictions.", "safeguarding": "Failures in how customer funds are kept separate and protected." }, "changelog": [ { "date": "2026-10-23", "note": "Tracker published with 21 records from 2022-10-11 to 2026-10-22." } ] }